JHAC seeks to provide long-term capital appreciation through investments in an all-cap portfolio of primarily US companies. The fund uses a proprietary, fundamental process to look for companies with key growth drivers, sustainable cash flow, high returns on capital, competitive advantages, and strong management. The fund manager looks for both growth and value opportunities and may incorporate ESG factors in the investment process. Up to 20% of net assets may be invested in foreign issuers. JHAC is a non-transparent ETF and does not provide daily disclosure of its portfolio holdings unlike other ETFs. Instead, it publishes a tracking basket designed to closely track the daily performance of the fund. As such, there is a risk that shares may trade at wider spreads, especially during periods of volatility. The fund publicly discloses its complete portfolio holdings on a monthly basis, no earlier than 15 days after the end of each calendar month.